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It's foolish to compare African markets holistically to say Europe or Asia, but in some characteristics - such as the optimal number of operators in a territory to guarantee sufficient competition and economies of scale, it's clear that Africa has far too many operators in many of its countries. Uganda for example has seven operators - from a total market revenue perspective, it's over capacity. Because ARPUs are so low, one of the key things that companies need to do - both within a territory and on a pan-Africa basis - is consolidate some of the back office functionality. For example, inter-continental minutes clearing; it's expensive for a small operator in a country like Uganda, but if you can consolidate that into a group like Zain or MTN, then it makes a lot of sense. It's still early days, and in most of the major markets it can be advantageous to be small, agile and commercial, and to let the consolidation happen at a later date. It can be difficult for large telecoms groups to come into markets like that and effect change that is positive and doesn't impede the process of customer acquisition. DT: So the investment that a larger player would bring to the market is not necessarily the right move for now? MG: Potentially, some of the economies of scale of a larger group - i.e. an operator working at 35% - 40% market shares - or the capabilities that it can bring will be advantageous. However, there are relatively few markets where that's true; South Africa and to a lesser extent Ghana and Kenya all have the foundations of competition established, but in the majority of areas that isn't the case.